H-829                _______________________________________________

                                                    HOUSE BILL NO. 195

                        _______________________________________________

State of Washington                              50th Legislature                              1987 Regular Session

By Representatives Madsen, Winsley, Haugen, Ebersole, Wang, Walker, Walk, Fisher, Gallagher, Brough, Crane, Pruitt, Meyers, Rasmussen and Todd

Read first time 1/20/87 and referred to Committee on Local Government.

AN ACT Relating to indebtedness limitations on metropolitan park districts; and amending RCW 35.61.100 and 35.61.110.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

        Sec. 1.  Section 35.61.100, chapter 7, Laws of 1965 as last amended by section 21, chapter 186, Laws of 1984 and RCW 35.61.100 are each amended to read as follows:

          Every metropolitan park district through its board of commissioners may contract indebtedness and evidence such indebtedness by the issuance and sale of warrants, short-term obligations as provided by chapter 39.50 RCW, or general obligation bonds, for park, boulevard, aviation landings, playgrounds, and parkway purposes, and the extension and maintenance thereof, not exceeding, together with all other outstanding nonvoter approved general indebtedness, ((three-fortieths)) three-eighths of one percent of the value of the taxable property in such metropolitan park district, as the term "value of the taxable property" is defined in RCW 39.36.015.  General obligation bonds shall not be issued with a maximum term in excess of twenty years.  Such general obligation bonds shall be issued and sold in accordance with chapter 39.46 RCW.

        Sec. 2.  Section 35.61.110, chapter 7, Laws of 1965 as amended by section 15, chapter 42, Laws of 1970 ex. sess. and RCW 35.61.110 are each amended to read as follows:

          Every metropolitan park district may contract indebtedness ((in excess of three-fortieths of one percent of the value of the taxable property but)) not exceeding in amount, together with existing voter approved indebtedness and nonvoter approved indebtedness, equal to two and one-half percent of the value of the taxable property in said district, as the term "value of the taxable property" is defined in RCW 39.36.015, whenever three-fifths of the voters voting at an election held in the metropolitan park district assent thereto; the election may be either a special or a general election, and the park commissioners of the metropolitan park district may cause the question of incurring such indebtedness, and issuing negotiable bonds of such metropolitan park district, to be submitted to the qualified voters of the district at any time.